Bought my first rehab in September 2017. Took 7.5 months (don’t ask) until the first time I thought I was finished. Original purchase was $115k. ARV was originally $165k. I went ahead and listed it for $169k. Got an offer 4 days later for $200k. Was about to profit $44k, but it failed inspection. The Masonite siding was wet and had to be replaced.
Did all the replacement work and got it back on the market about 5 days ago. Listed for $185k.
I have another rehab house that I closed on 6/1/18. I expect it to be completely finished by the first week of July. I estimate to profit $55k on this one, but as of now I can’t get a handle on running comps. I technically know how, but I always come up with vastly different numbers depending on what I use. I’m reliant on the wholesalers comps, which I know is not good.
Also, just took a class given at one of the local REI Clubs by Robyn Thompson, who has done over 400 rehabs and have a lot of good advice. I’m trying to ramp up to 50 houses/year within a few years.
Also, just bought a 2008 Lamborghini Gallardo convertible on HELOC and will pay it off within 2 years.
What’s going on everyone? Does Gold River still hang around here?